Regulation 172 Amount of lump sum payable under regulation 171 instead of retirement pension

(1)

This regulation applies to a member (P) who applies under regulation 171 to receive a lump sum instead of a retirement pension.

(2)

The amount of the lump sum payable to P is the total of—

(a)

for an age retirement pension, ill-health pension or total incapacity pension, a sum equal to 5 x the annual rate of the retirement pension, and

(b)

for a phased retirement pension that is already in payment, a sum equal to (A-B) x the annual rate of the phased retirement pension where—

A is 5, and
B is the period (in years and fractions of a year) from the date on which the phased retirement pension was first paid until the date of the application M1.

Annotations

M1: Note: if this period is 5 years or more, no lump sum is payable in respect of the phased retirement pension.